CBD of Denver Inc. CBDD released its financial results Friday for the first quarter of 2024, showing a significant increase in revenue to $1.1 million, up from $285,779 in the same period last year. The Colorado-based cannabis company’s startling 293% year-over-year revenue growth is primarily driven by enhanced sales volume from Luxora’s wholesale division.
The company’s effective collaboration between its Swiss accounting partners and U.S.-based legal counsel has also been crucial in maintaining operational efficiency and compliance with regulatory frameworks.
Q1 2024 Financial Highlights
- Revenue was $1.1 million, a significant rise from $285,779 in the same period last year.
- Net loss was $96,657, compared to the $62,844 from Q1 2023.
- Adjusted EBITDA was not included in the earnings report.
- Gross profit was $147,377, a notable increase compared to the $36,300 in the same quarter last year.
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Record Revenues Amid Legislative Anticipation
Despite global market uncertainties, CBD of Denver's strategic initiatives have yielded robust April revenues of approximately $418,000, marking it as the most successful month of the year. The company attributes this success to its continued focus on the European market, particularly in anticipation of legislative changes in Germany. A pivotal debate on Germany’s cannabis regulation is scheduled for May 16, 2024, which could further influence the company's operations.
CBD of Denver remains focused on exploring new opportunities in the European cannabis sector. Efforts include advancing medical cannabis applications, technological innovations, and other auxiliary services to expand its market presence.
CBDD Price Action
CBDD's shares were trading 10% higher at $0.0011 per share at the time of this writing around 10:45 AM ET Friday.
Related News
- CBD of Denver Reports YoY Increase In 2023 Gross Profit, Reduces Loss As It Continues To Expand Internationally
- CBD Of Denver’s Success In Challenging Climate With Increase In Q4 Revenue
- Colorado Cannabis Giant Dives Into German Real Estate With Luxora
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